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Pre-close view… Clinging to resistance. – If, Then… Market Timing

Pre-close view… Clinging to resistance.

By Rod David | May 22, 2015 - 3:16 pm

Nothing relevant on a day like this, but it”s not done yet.

2126.00 had been probed already before the embargo was lifted on Yellen”s speech. Its knee-jerk reaction was essentially up, surging to 2129.75.

That was two hours ago. A pullback to 2126.00 has bounced back to 2128.00.

There”s no requirement to rally again today, just a vulnerability. Downside is less likely because unfinished business is above at 2133.00, and because sellers had plenty of opportunity already to break lower.

None of which protects this low-participation environment from a knee-jerk reaction down in case of a headline. Headlines and knee-jerk reactions can still cut either way.

REMINDER: This being a holiday weekend, there is NO weekend Saturday Review.

Posted in Pre-close View, S&P